5/7/2025Amended by Chapter 226, 2025 General Session2025Payment of a common expense or assessment -- Late fees.An owner shall pay the owner's proportionate share of:the common expenses; andany other assessments levied by the association.A payment described in Subsection (1) shall be in the amount and at the time determined by the board of directors in accordance with the terms of the:declaration; orbylaws.An assessment levied against a lot is:a debt of the owner at the time the assessment is made; andcollectible as a debt described in Subsection (3)(a).The board of directors may impose, for a late payment:a late fee, not to exceed the greater of:10% of the assessment amount; or$50; andinterest on the assessment and late fee of up to 1.5% per month.Before imposing a fee under this section, the board of directors shall:adopt a fee schedule by rule in accordance with Section 57-8a-217 that describes the amount of fee the board shall impose; andprovide a copy of the fee schedule to each lot owner.